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What is the entry for bank guarantee,
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Answer / lokesh
No Entry will be passed for this situation,
Guarantee use for person information.
| Is This Answer Correct ? | 22 Yes | 5 No |
No entry needed to pass for Bank Gaurantee
| Is This Answer Correct ? | 19 Yes | 5 No |
Answer / kailas c. gade
Liability for acceptance ( BG ) A/c Dr.
Acceptance for Liability A/c Cr.
It is shown in balance sheet as contra entry
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / b.m.rajasekhara rao
Bank guarantees are 3 types 1. Advanced, 2 performance 3. Corporate.
Entry is not required for bank guarantee. It is contingent liability.
It is shown in notes to accounts in year ending balance sheet
If you have given security deposit or fixed deposit against bank guarantee on that time debit to fixed deposit and credit to bank.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / vinod
A contra entry will be passed on issuing a bank
guarantee.Mostly it will be some what similar to these
CR banks contra
DR Customers Contra
| Is This Answer Correct ? | 6 Yes | 7 No |
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